Closing a company
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If it is becoming increasingly difficult for a company to pay its debts as they fall due, then steps need to be taken to avoid the company getting into further financial difficulty. There are several options available to a company in this position.
If the Registrar can be satisfied that the company has ceased to carry on business and that there is no other reason for the company to continue in existence, then he may remove the company from the register.
A company may close for many reasons including ceasing trading or going into receivership or liquidation. Liquidation describes the situation where a liquidator manages the business and primarily sells the assets of a business to pay off debts.
The Registrar can initiate the removal process (deregistration) at the request of a director, shareholder or authorised person.
Receivership is an appointment under the terms of a security or by a Court to realise assets or manage the business of a company for the benefit of the security holders.
During the removal (deregistration) process there is an opportunity for creditors and other interested parties to object to the removal of a company.
There are two simple steps to having an overseas company removed from the Register.
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